I soak the bolts on my 10/22 and Mark III in ballistol when I clean them. I start by wiping them down with a shop towel and using a toothbrush to get off as much carbon as I can, then let them soak in a tub of the stuff for about 30 minutes, or longer if possible. After a good soaking, I scrub them with a brush then soak them again. After that, I wipe them down and get them as dry as possible. The Ballistol leaves a nice residue and gets in the pores of the metal, which makes the surface very slick even when dry.
I also put a drop of Ballistol on the recoil assembly to give it a little extra lube. Probably doesn't need it. But it never hurts.